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	<title>Bob Bendat &#187; Uncategorized</title>
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		<title>&#8220;Barclays analyst sees housing rebound coming in 2012&#8243;</title>
		<link>http://www.bobbendat.com/2011/12/barclays-analyst-sees-housing-rebound-coming-in-2012/</link>
		<comments>http://www.bobbendat.com/2011/12/barclays-analyst-sees-housing-rebound-coming-in-2012/#comments</comments>
		<pubDate>Thu, 08 Dec 2011 23:56:22 +0000</pubDate>
		<dc:creator>Bob Bendat, PSC</dc:creator>
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		<guid isPermaLink="false">http://www.bobbendat.com/?p=341</guid>
		<description><![CDATA[by KERRI PANCHUK &#160; Toll and Lennar shares see action in builder sector Lennar looks to distressed debt as homebuilding slump persists Survey finds house prices still stable in August as buyer interest hits &#8216;brick wall&#8217; S&#38;P lowers Toll Brothers rating to junk DR Horton Returns to Profit &#160; &#160;]]></description>
			<content:encoded><![CDATA[<div id="newsAuthor">by KERRI PANCHUK</div>
<p>&nbsp;</p>
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<ul>
<li><a title="January 14, 2010" href="http://www.housingwire.com/2010/01/14/toll-and-lennar-shares-see-action-in-builder-sector" rel="bookmark">Toll and Lennar shares see action in builder sector</a></li>
<li><a title="March 22, 2010" href="http://www.housingwire.com/2010/03/22/lennar-looks-to-distressed-debt-as-homebuilding-slump-persists" rel="bookmark">Lennar looks to distressed debt as homebuilding slump persists</a></li>
<li><a title="September 20, 2010" href="http://www.housingwire.com/2010/09/20/survey-finds-house-prices-still-stable-in-august-as-buyer-interest-hits-brick-wall" rel="bookmark">Survey finds house prices still stable in August as buyer interest<br />
hits &#8216;brick wall&#8217;</a></li>
<li><a title="June 28, 2011" href="http://www.housingwire.com/2011/06/28/sp-lowers-toll-brothers-credit-rating-to-junk" rel="bookmark">S&amp;P lowers Toll Brothers rating to junk</a></li>
<li><a title="February 2, 2010" href="http://www.housingwire.com/2010/02/02/dr-horton-returns-to-profit" rel="bookmark">DR Horton Returns to Profit</a></li>
</ul>
<p>&nbsp;</p>
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<p>&nbsp;</p>
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<p><strong>Barclays Capital</strong> (<a href="http://finance.yahoo.com/q?s=BCS" target="_blank">BCS</a>: 11.20 <span style="color: #ff0000;">-6.90%</span>) analyst Stephen Kim predicts a housing recovery<br />
buoyed by improving jobs numbers and the fact prices for nondistressed homes<br />
will have stabilized without government support.</p>
<p>&#8220;In the absence of a government homebuyer incentives, prices for<br />
non-distressed home sales have stabilized for almost a year,&#8221; Kim said. &#8220;This is<br />
the most important trend in the housing industry right now, and we are amazed at<br />
how little attention it has been getting from the media and the street. This<br />
stability on the part of nondistressed prices has occurred despite a very high<br />
share of distressed activity and continued declines in overall prices.&#8221;</p>
<p>Barclays said recent economic data — including higher job creation in<br />
November, housing starts and improved homebuyer traffic — point to some<br />
improvement potential in the sector.</p>
<p>In mid-2010, the federal homebuyer tax credit expired, leaving the housing<br />
market without training wheels for the first time since the 2008 economic<br />
meltdown. Yet, prices in some housing markets remained stable on the back<br />
end.</p>
<p>With its new outlook in the market, Barclays upgraded <strong>D.R.<br />
Horton</strong>&#8216;s (<a href="http://finance.yahoo.com/q?s=DHI" target="_blank">DHI</a>: 12.23 <span style="color: #ff0000;">-3.62%</span>) stock to buy and raised price targets for D.R.<br />
Horton, <strong>Lennar</strong> (<a href="http://finance.yahoo.com/q?s=LEN" target="_blank">LEN</a>: 19.02 <span style="color: #ff0000;">-2.96%</span>), <strong>Toll Brothers</strong> (<a href="http://finance.yahoo.com/q?s=TOL" target="_blank">TOL</a>: 20.39 <span style="color: #ff0000;">-2.58%</span>) and <strong>Meritage Homes</strong> (<a href="http://finance.yahoo.com/q?s=MTH" target="_blank">MTH</a>: 22.39 <span style="color: #ff0000;">-3.20%</span>).</p>
<p>At the same time, the investment bank raised its 2012 earnings-per-share<br />
estimates for D.R. Horton, Lennar, Meritage Homes, <strong>Pulte</strong> (<a href="http://finance.yahoo.com/q?s=PHM" target="_blank">PHM</a>: 6.07 <span style="color: #ff0000;">-5.89%</span>) and Toll Brothers, while lowering its estimates for<br />
<strong>KB Home</strong> (<a href="http://finance.yahoo.com/q?s=KBH" target="_blank">KBH</a>: 7.89 <span style="color: #ff0000;">-3.43%</span>).</p>
<p>&#8220;Thus, the key to timing housing’s recovery depends primarily on when these<br />
first-time buyers decide it is safe to buy a house,&#8221; Kim concluded.</p>
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		<title>Does Moving Up Now Make Sense?</title>
		<link>http://www.bobbendat.com/2011/05/does-moving-up-now-make-sense-2/</link>
		<comments>http://www.bobbendat.com/2011/05/does-moving-up-now-make-sense-2/#comments</comments>
		<pubDate>Mon, 16 May 2011 17:46:19 +0000</pubDate>
		<dc:creator>Bob Bendat, PSC</dc:creator>
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